This needs to be further qualified - VIAC or finpension are just platforms offering 3a pillars, performance depends on which portfolios you choose (and they can be ~ the same on both).
yes you are right I compared VIAC Global 40 vs finpension Global 40
| Provider / strategy | Equity | Bonds | Real estate | Other | Fee / cost | 5-year annualized performance |
|---|---|---|---|---|---|---|
| finpension Global 40 | 40% | 50% | 9% | 1% cash | 0.39% flat fee, TER 0.00% | 0.93% |
| VIAC Global 40 | 40% | 46% | 10% | 3% gold, 1% liquidity | 0.40% total costs | 5.9% |
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Wow those 3% of gold really did some heavy lifting. 
(Sorry for offtopic)
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I maxed out gold/commodities component in Viac in last years. unfortunately, viac doesnât have control over re-balancing so it gave up some of the profits along the way.
wow, a 5% performance difference. Now Iâ intrigued to find out if this is an outlier or if Viac generally has a better performance than finpension.
Damn maybe I should have gold in my portfolioâŠ
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The bond components are different:
VIAC Global 40:
- UBS Bonds CH Corporate (CH0281860111) - 46%: duration 4.87 years, yield to maturity 1.02%, credit risk AA to BBB.
Finpension Global 40 (Pension fund):
-
Swisscanto (CH) Index Bond Fund Corp. World NMTH1 CHF (CH1529095445) - 12%: world fund, hedged in CHF. Couldnât find the duration, YTM nor credit risk.
-
Swisscanto (CH) Index Bond Fund Total Market AAA-BBB CHF (I) NMT CHF (CH1529124229) - 15%: Swiss bonds. There again, couldnât find actual info but total market for me means also government and government like bonds with lower returns than investment grade corporates.
-
Swisscanto (CH) Index Bond Fund World (ex CHF) Govt. (I) NMTH1 CHF (CH1529124658) - 10%: World ex CH, government, hedged in CHF.
-
Swisscanto (CH) Index Bond Fund Emerging Markets Hard Currency NMTH1 CHF (CH1554622394) - 5%: Emerging markets, hedged in CHF.
A bond is not the same as another bond, what you choose matters. See the recent behavior of Swiss bonds vs bonds hedged in CHF presented by @jay: Does it make sense for a Swiss investor to hold USD-hedged international bond ETFs? - #16 by jay
Duration and credit ratings matter too. The equities and real estate parts of the portfolio probably differ too.
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good info, thanks for sharing. I chose those 2 strategies as they are the most similar (in my opinion). I think for the layman (such as myself) choosing a strategy obfuscates the details below but I am trying slowly to get smarter on this topic.
Fortsetzung der Diskussion von Indirect Amortization + Mortgage "stop":
Thanks so much for sharing. I take this opportunity to open a new thread about this topic.
Thanks to your explanation I now understand the difference in performance. Still, for a lay person who just wants to invest, I find these differences striking and complex. Both Viac and Finpension use the term âGlobal 40â. As a lay person I would therefore expect a similar composition of these two strategies.
I also conclude from your explanation that the differences primarily come from the bond part of the strategy. I would therefore assume that differences between more stock based strategies are smaller since there is a more common understanding about investing stocks. Another data point that bonds are a complex topic.
Thanks so much! I took the chance to open a new thread on this topic 
May I ask where you got the 5.9% 5-year annualized from?
In the 3a factsheet for VIAC Global 40 I see 3.6% p.a.?
VIAC-Global-40-C-CS-3a-EN.pdf
still much more than the 0.93% p.a. from finpension Global 40, of course:
Factsheet finpension Global 40 (Pension)
I made a mistake copying from the factsheet. it is actually 4.3% for 5 years, annualized.
I had copied the value from the 10,years annualized risk & volatility columns which is indeed 5.9% (I donât know why they put 5 years return and 10 years risk on the same row in the factsheet!! ) but my mistake anyway.
P.S. I went and doublechecked the finpension factsheet and the annualized return p.a. is 0.93% so we are comparing 0.93% (finpension) vs 4.7% (VIAC)
The performances of their â100â strategies are much closer (10 years have a difference of 0.08% annual), with a slight underperformance by finpension, probably because they include small caps.
For indirect amortisation the money stays put for 15 years, I donât see why you would go for anything else than 100% stocks anyway (provided the bank allows it)?
There are many reasons why, but thatâs a different discussion.
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You are right, this is not the correct thread for that. Iâve now asked the same question in the other thread this one originated from, I would welcome your input over there.
EDIT: I noticed there was an âinâ missing in my initial post.